“Don’t Cheat Yourself:Get Partner-Paid Expenses Right” To get my complete articlewith all the details… Quick question: Did you pay for any business expenses out of pocket last year as an LLC member or partner? If so, you might be leaving money on the table – or worse, setting yourself up for an IRS headache. Many partners don't realize there are two distinct ways … [Read more...]
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Your Business Tax Breaks Could Vanish Soon—What’s at Risk?
“Game On: TCJA Winners and Losers— Business on the Chopping Block” To get my complete articlewith all the details… Warning: The tax landscape is about to shift dramatically. The TCJA provisions expiring in 2025 could substantially increase your tax burden overnight. Are you prepared for: Your qualified business income deduction (worth up to 20% of your profits) … [Read more...]
Exceptions to the 10% Penalty for Early IRA Withdrawals
“Exceptions to the 10% Penaltyfor Early IRA Withdrawals” To get my complete articlewith all the details… If you’re in a pinch, and want to withdraw money from your IRA before you turn 59 ½, be careful. You see, you may have to pay a hefty price for that withdrawal. Here’s the story. Most traditional IRA withdrawals are at least partially taxable. The … [Read more...]
Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover
“Did You Overfunda Section 529 Plan?Consider a Roth IRA Rollover” To get my complete articlewith all the details… Looking for a great way to help pay for a childs', or other family member’s, college education? Consider establishing a Section 529 college savings plan. These plans are not federally tax-deductible (they are deductible in many states). What’s … [Read more...]
Can You Deduct a Real Estate Investing “Boot Camp?”
“Can You Deduct a Real EstateInvesting “Boot Camp?” To get my complete, FREE articlewith all the details… Here’s a version of questions I get very often at the Tax Reduction Letter. It concerns attendance at real estate investing boot camps, seminars, and the like: I am a full-time real estate investor. In May, I paid about $15,000 for a one-week boot camp. I … [Read more...]